Time Limits Flashcards
Books & Records have to be kept
5 years
Once a request for a hearing is made, the hearing must be held within
30 days
Notice of a hearing must be given ______ days in advance
14 days
Violating the Insurance Doce
$1000 fine for natural person & $5000 for any other entity &/or 6 month imprisonment
Administrative penalty for transacting insurance in Idaho without a license
$15,000
Change of Address
30 days
notice of appointment
15 days
Eligibility Verification of appointment
30 days
Notify Director of appointment termination
30 days
Copy of termination action notification must be provided to the producer
15 days
After license lapses to reinstate it by submitting proof of education requirements and paying penalty
90 days
Application for license must be submitted
180 days
When switching licensing states, application must be received within _____ days of the cancellation of the individual’s previous license
90 days
if previously denied a license, Director will not issue a license for ____
1 year
If a producer’s license has been revoked or nonrenewed a new license may be denied for
1-5 years
Time allowed for reinstatement with proof of Continuing Education credits
90 days & penalty fees
Director can suspend license without hearing for up to
12 months
Funds must be remitted to insurer within
21 days
Funds payable to policyowner ust be remitted within
14 days
Fire Losses of $_______must be reported to the state fire marshal within _____ days of settlement
$1000 or more
7 days
Motor vehicle claims must be paid ____ days after itemized bill is received
20 days
Guilty of felony punishable with
15 years imprisonment &/or $15000
Unfair Claims Settlement Practices…administrative penalty
up to $10000 & Director may suspend or revoke Certificate of authority
Consumer must be advised of investigative consumer report within
30 days
